Bitcoin (BTC) Price May Fall To $5,000 In 2023, Analysts Predict

Bitcoin (BTC) Price Prediction News: As Bitcoin (BTC) price gained momentum to regain the $17,000 range, the crypto market is still far from recovery due to the FTX contagion. The top cryptocurrency plummeted to an yearly low price of $15,700 in November 2022, thanks to the uncertainty around FTX liquidity crisis. As we approach the end of year 2022, analysts are making predictions as to how the cryptocurrency market in general and Bitcoin (BTC) would fare in 2023. BTC began calendar year at the $50,000 range only to follow the curve of steady decline ever after.

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New Bitcoin (BTC) Price Lows In 2023?

For new entrants to the crypto ecosystem who saw the BTC all time high of $68,000 in 2021, the current year turned out to be a catastrophe. Several failures of crypto projects and the adjoining negative macroeconomic factors contributed to the hard times in the market all through 2022. Meanwhile, analysts at Standard Chartered, Bitcoin (BTC) price could potentially fall further to $5,000 level in 2023. Eric Robertsen, Global Head of Research at the bank, said the top cryptocurrency could plunge further by around 70% in a surprise scenario.

The analysts pointed to the possibility of more bankruptcies among crypto firms and an associated drop in investor confidence in the market.

“If more crypto firms and exchanges find themselves running short of cash, investor confidence in crypto assets could collapse.”

More Uncertainty Ahead

The price prediction comes at a time when Bitcoin investors remain optimistic over a strong recovery in 2023. This follows an unprecedented bear run as retail investors incurred huge losses. Earlier in September 2022, industry insiders predicted that the worst part of the current market cycle had already phased out. Dan Morehead, CEO of Pantera Capital, said further crypto adoption could lead to change in demand and supply dynamics for the digital assets.

Also Read: Top 5 Altcoins Under $1 that May Roar 100x by the End of 2023

Meanwhile, the Bitcoin Fear and Greed Index is currently at a balue of 26, which underscores a ‘fear’ sentiment among investors. As of writing, BTC price stands at $17,268, up 1.92% in the last 24 hours, according to price tracking platform CoinMarketCap.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.